How to Start a Property Management Company

by Contributor; Updated September 26, 2017

Property management is not for the faint of heart, but if you've got what it takes it can be a lucrative and rewarding career path.

Step 1

Check with your local and state regulations. Many states require a real estate or property management license in order for you to manage residential or commercial property. The classes required to take for licensure are typically offered on weekends or late afternoon for your convenience.

Step 2

After you have passed the state exam, if required, you will want to set up your means of communication. You will need a phone line, whether a cell phone or land line. You will also need a computer with internet access, a printer and fax machine.

Step 3

If you plan to work from home, which is very cost-efficient, you need to get a post office box. Regardless of how happy you and your Tenants are together, it is best to keep communications with them limited to the phone or mail. Also, if you move it won't effect the business correspondence.

Step 4

Next, you will want to build a website for your business. If you aren't computer-savvy, you can hire a graphics design student to build it at a much lower rate than the larger companies.

Step 5

Now it's time to find properties for you to manage. Start with "for rent by owner" ads; Realtors are also a great source of leads!